2548 ()

Highlightof World ClassMetropolis

Highlightof World ClassMetropolis

2

4

6

2548 10

16

18

20

22

23

24

2548 28

32

52

55

60

61

63

64

75

101

2 2 5 4 8

2548

. (Net Debt/Equity) 1

2548 7 2548 2549

2 5 4 8 3

2549

2 Great Improvement Corporate GovernanceReport Asias Best Managed Companies ASIA MONEY 2548

( )

4 2 5 4 8

2548 (.) 4.7% 6.1% 2547

. 7,600 3,200

2548 4.5 2.7 2548 5 14 3.75 2549

2 5 4 8 5

2549 4.7-5.7% 2549

2549 2548

6 2 5 4 8

2548 ( 2 )

2548 63,899 62,796 1.76 44,436 ( 0.42 ) 13,455 ( 0.18 ) 6,008 ( 174.97 ) 1-2

2548

2 5 4 8 7

(Mortgage)

2548 3-5 10 2547 2548

8 2 5 4 8

1-2

2 5 4 8 9

Grand Vienna 3

V ienna

10 2 5 4 8

The Big CityBring you to civilizeThe Big CityBring you to civilize

2548

The Paris

Grand Vienna 3

2 5 4 8 11

The Notting Hill

Office Park 71

12 2 5 4 8

-

Grand De Paris

2 5 4 8 13

Monte-Carlo

The City - 5

14 2 5 4 8

Luzern

The Nice (France)

The Nice (France)

N ice

16 2 5 4 8

1.

5. 6. 7.

2.

3.

4.

2 5 4 8 17

8. 9. . 10.

11. 12. 13.

18 2 5 4 8

1. 2. 3. 4. 1 2

5. 6. 7. 3

2 5 4 8 19

8. 9. 10. 1 3

11. 12. 13.

20 2 5 4 8

Asias Best Managed Companies ASIAMONEY

Best Corporate Governance Report

()

2 5 4 8 21

Best CEO Property Sector in Asia Institutional Investor

Asian Property Development

() . AP Best CEO (Property) "Institutional Investor"

22 2 5 4 8

() () 9

(1) (2) (3) () (4) () (5) () (6) () (7) (8) (9)

99.99 6 2548 800,000-1,200,000 () 2548

99.99

99.99%

() 24.02%

14.97%

()

99.84%

2 5 4 8 23

. 100%

. () 100%

. () 100%

. () 100%

. 100%

. () 93.98%

. 100%

. 100%

99.84%

. 24.02%

. 14.97%

. 100%

. 100%

. 100%

. 100%

.

24 2 5 4 8

1.

2. /

1 2 / 500 3,000

3. 31 2548

33.77

2 5 4 8 25

12 33.61 2543 2540 99.53 33.11

12

3 0.16 0.00 0.16 3 6 0.00 0.00 0.00 6 12 0.00 0.00 0.00 12 0.00 33.61 33.61 0.16 33.61 33.77

:

26 2 5 4 8

APD APL 100.00 10.00 335.64 31 .. 47 736.1631 .. 48 592.49

APD APK 100.00 792.48 1,215.48 31 .. 47 174.89 31 .. 48 410.06

APD APV 93.97 1,153.16 1,153.16 31 .. 47 30.99 31 .. 48 193.43

APD APT 100.00 510.00 - 31 .. 47 (0.15) 31 .. 48 14.26

APD Trillion 100.00 271.60 271.60 31 .. 47 97.92 31 .. 48 103.25

APD PB 0.00 0.00 102.64 31 .. 47 420.48 31 .. 48 608.77

AP PB 0.00 0.00 23.52 31 .. 47 420.48 31 .. 48 608.77

APD PCMC 0.00 0.00 143.15 31 .. 47 46.81 31 .. 48 94.67

AP APD 100.00 787.00 254.00 31 .. 47 4,266.45 31 .. 48 3,982.82

AP APR 100.00 5.00 5.00 31 .. 47 21.5831 .. 48 6.51

AP APL 100.00 15.00 15.00 31 .. 47 736.1631 .. 48 592.49

()

*30

254831

2547

()

APD = . AP = . APL = . () APV = . ()APR = . APK = . ()PB = . APT = . ()Trillion = . PCMC = .

* PCMC APD 18 2547 APD PCMC 100%

.. .

2 5 4 8 27

4.

() (Time Value)

(Time Value) - 31 2548 3,097,380 12 2550

()

(Dilution Effect) 34,000,000 3.60

34,000,000 3.60 (control dilution)

28 2 5 4 8

2548 765 ( 0.34 ) 30.3% 5,258 4,490 6.3% 2547 768 2548 () () 64.73% 24.02%

2548

0

200

400

600

800

1,000

1,200

300

100

500

700

900

1,100

1,300

265

2001

688

2002

1,192

2003

1,097

2004

765

2005

1 : ()

2548 2548 2548 7,865 31 2548 4,940 2549 2550 ((-) 2,600 2550)

34.9% 32.0% 22.5% 26.0% 2548

2548 13.5% 14.3%

- ( 18) 18%- ( ) 16%- ( ) 15%

2544 2545 2546 2547 2548

2 5 4 8 29

2 : 2548

31 2548 1.2 14.97% 29 2548 684 97 2547 3 2548

1.3

1.2

1.1

1.0

0.9

0.8

0.7

0.6

0.5

0.4

0.3

Q1 2004 Q2 2004 Q3 2004 Q4 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005

3 : ()

( 5-)

10%

()

5%

( 18)

18%

( 71)6%

( )

5%

( 71)

4%12%

( )

15%

( 9-)

9%

( )

16%

1 2 3 4 1 2 3 42547 2547 2547 2547 2548 2548 2548 2548

30 2 5 4 8

: 4

4,490 4,793 4,312 2,408 1,052

-6.3% 11.2% 79.0% 128.9% 120.1%

() 5,258 5,740 4,757 2,701 1,281

-8.4% 20.7% 76.1% 110.8% 88.6%

() 1,551 1,821 1,674 899 393

(%) 34.5% 38.0% 38.8% 37.3% 37.4%

1,683 2,004 1,771 993 437

(%) 32.0% 34.9% 37.2% 36.8% 34.1%

976 1,369 1,441 745 282

(%) 18.6% 23.9% 30.3% 27.6% 22.0%

() 765 1,097 1,192 688 265

-30.3% -7.9% 73.2% 160.0% 334.3%

() 0.34 0.48 0.53 0.34 0.14

() 10,291 9,247 6,620 3,586 2,198

() 3,983 4,266 3,325 1,706 927

() 5,303 4,030 2,471 1,464 1,058

() 4,787 3,322 1,507 1,108 910

() 1.20 0.78 0.45 0.65 1.0

18.5% 28.9% 47.4% 52.2% 34.8%

2548 2547 2546 2545 2544

2 5 4 8 31

5 :

120.0 378 800 N/A

( 5-) 90.0 258 1,700 3 2547 4 2549 45%

() 38.0 88 700 3 2547 4 2549 55%

( ) 43.5 413 1,630 1 2548 4 2549 51%

(-) 4.7 580 2,700 1 2548 2 2550 94%

( ) 17.0 137 712 2 2548 4 2549 97%

( 71) 11.5 76 669 4 2548 3 2549 72%

( ) 18.0 209 870 4 2548 4 2549 42%

( 3) 18.2 205 1,400 4 2548 4 2549 75%

( 3) 13.1 24 500 4 2548 4 2549 17%

( ) 26.1 299 880 4 2548 4 2549 14%

: % 31 2548

(- ) 26.9 261 1,273 1 2547 1 2549 4 2550

( ) 18.2 50 670 1 2547 1 2549 3 2550

( ) 19.0 110 1,040 1 2547 1 2549 3 2550

() 18.0 197 850 3 2548 3 2549 4 2550

() 20.0 40 650 3 2548 3 2549 4 2550

(-) II 1.6 224 1,100 4 2548 3 2549 4 2551

(-) 24.7 238 800 4 2548 4 2549 1 2551

() 31.2 320 990 4 2548 4 2549 4 2551

() 19.1 200 560 4 2548 4 2549 1 2551

179 1,640 7,933

: 1 = 0.4 = 400 .. = 1,600 ..

() %

()

6 :

32 2 5 4 8

31 2548 2,343,150,000 2,343,150,000 1 2,271,902,620 2,271,902,620 1

10 8 2549

50 2546 2547 40

/

1. 552,823,910 24.33

2. 391,849,580 17.25

3. 273,719,400 12.04

4. STATE STREET BANK AND TRUST COMPANY, FOR LONDON 85,165,500 3.75

5. STATE STREET BANK AND TRUST COMPANY, FOR AUSTRAIA 58,536,500 2.58

6. STATE STREET BANK AND TRUST COMPANY 52,540,748 2.31

7. FORTIS GLOBAL CUSTODY SERVICE N.V 39,395,000 1.73

8. CHASE NOMINEES LIMITED 46 36,506,500 1.61

9. 35,770,780 1.57

10. CHASE MANHATTAN (SINGAPORE) NOMINEES PTE LIMITED 13 34,496,600 1.52

1,560,804,518 68.69

2 5 4 8 33

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1. 2. 3. 4. 5. 6. 7. 8. 9. .

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2548 2547

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